David is a recognized authority on business strategy and change management with over 20 years of senior management experience at “Top 10” banks and leading community banks. He is president of Peak Performance Consulting Group, which helps banks and credit unions achieve superior revenue growth, sales and distribution effectiveness and cost efficiency.
Whether they want to stay in business for the long term or sell at an attractive valuation, community bankers need strategies to generate revenue growth.
For too long bankers have avoided the obvious – that it’s time to prune traditional branch networks and invest in alternative structures, technologies and sales practices.
Bankers have reason to worry about the CFPB, mainly because of the impact new approaches to consumer complaints and new disclosures for deposit products may have on the industry.
As customers gradually migrate from branch transactions, branch employees need to do a better job of cross-selling those that remain.
Blaming new regulations for lack of growth is easy, but successful community banks will need to adjust to the new realities of the market.
Competitive differentiation, particularly for community banks, needs to go beyond ‘local presence’ and ‘great service.’